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CU input is essential for NCUA Call Report Modernization

To fully represent the views of member credit unions, the Carolinas Credit Union League is seeking credit union comments on the NCUA Call Report Modernization project.

At the NCUA January board meeting, NCUA staff provided their board members with an update to the Call Report Modernization. NCUA began this project in 2016 with the goal of overhauling the 5300 Call Report to reduce burden.

As presented, the proposed changes would reduce the number of account codes in the 5300 Call Report by approximately 40 percent, reorganize schedules, and provided clearer instructions. NCUA created a Call Report Modernization webpage that provides links (also listed below) to the various proposed documents.

This will likely be the last time for several years that any changes are made so it is important to voice opinions now. Specifically, the League is looking for answers to the following questions.

Will the proposed changes provide a reduction in the reporting burden?

How much time will credit unions need to make changes in their systems to adapt to Call Report changes?

Are there other operational issues the NCUA should be aware of prior to implementing the proposed changes?